Why did Coinbase stock fall today? Bitcoin sell-off

Shares of cryptocurrency exchange Coinbase (NASDAQ:COIN) slide 6.7% intra-day as bitcoin (BTC-USD) drops below its key $50K technical level. Bitcoin (BTC-USD), which has been making lower highs since marking its all-time high in November, still trades above its 200-day simple moving average at around $47K per token - about $700 below the current BTC price at $47.7K. Some of Coinbase's peers, including Voyager Digital (OTCQX:VYGVF -9.4%), Net Savings Link (OTCPK:NSAV -6.8%), Robinhood (HOOD -5.5%) and BIGG Digital Assets (OTCQX:BBKCF -6.1%), trade in net negative territory on Tuesday as well. With the exception of VYGVF, it appears that the group of crypto exchanges/trading platforms' total returns, along with bitcoin (BTC-USD), underperform substantially in the past month, as seen in the chart below. Meanwhile, the global crypto market cap declines more than 6% to $2.26T, according to data from CoinMarketCap. MicroStrategy and other bitcoin-related stocks also swoon on Tuesday.